“Reps. Tom Barrett, R-Mich., Tracey Mann, R-Kan., Mark Alford, R-Mo., and Lou Correa, D-Calif., introduced the First-Time Homebuyer Empowerment Act, which would allow accountholders to put unused college savings toward a down payment on a home.”

“The bill is pending review by the House Committee on Ways and Means.”

“participation in 529 plans skews toward higher-income households, studies show.”

“all parents or guardians with babies born between 2025 and 2028 who open tax-deferred Trump Accounts, also known as 530A accounts, will receive a $1,000 initial deposit from the U.S. Department of the Treasury.”

“Children 10 or under and born before Jan. 1, 2025 — who wouldn't qualify for the $1,000 contribution — could get $250 if they live in a ZIP code where the median income is $150,000 or less, courtesy of a $6.25 billion pledge from tech CEO Michael Dell and his wife, Susan.”

“with a Trump Account, all money is invested in U.S. stock funds only — no bonds to mitigate risk”

“it's not possible to withdraw Trump account funds before age 18 with very limited exceptions, according to the IRS.”

“At age 18, the standard rules for traditional IRAs apply. Withdrawals before age 59½ are generally subject to income taxes and a 10% penalty.”